Suppose that production of a firm's output is described by the following production function
Q = K0.25 L0.5
In the short run, the firm's capital is fixed at 10,000. Suppose further that the market price of
the output is $70, and that the market wage is $25.
What is the Marginal Revenue Product of Labor (MRPL) for the 129th worker?
Enter your answer rounded to the nearest two decimals.
Get Answers For Free
Most questions answered within 1 hours.